I Realized That I Can’t Put Off Planning for Retirement

Jun 4

Written by: Todd Anthony Puma
6/4/2014 7:37 AM  RssIcon

I’ve spent years building a solid business and now my family and I are living a comfortable life in a nice home with (mostly) all the toys I want. I don’t want that to change much, and I don’t want to struggle financially later in life.

I saw an ad in a magazine for retirement planning the other day. It could have been Charles Schwab or Fidelity or one of those companies, and it made me think about my retirement planning. My wife used to work for a large company, and she had a 401(k) plan that helped us save a little from every paycheck for retirement. A fixed percentage of her salary went into a retirement plan, and the company even provided a match so that the account grew faster (there are many reasons for the match that I won’t get into here; it’s a great thing for the employee, though). Now, with her staying home, we no longer have the “forced” savings plan of money being automatically put into an account. It made me realize that I have to get off of my butt and do something about it. And I’m sure many of you are in a similar boat.

As small business owners, most of us don’t have the luxury of a corporate 401(k) with matching company funds or an HR department to make sure we don’t miss signing up and a hotline we can call for financial advice.

The biggest challenge to putting money aside for retirement is inertia, at last on my part. There’s always something else to use the money for: reinvesting in the business, renovating the house, buying that cool new toy (speaker, receiver, car, boat, etc.) that I’ve always wanted. But all it takes is a few minutes on
a mutual fund’s website or a meeting with a financial advisors that you trust to come up with a good savings strategy.

You can even set up automatic withdrawals from your bank account into your retirement account. That way you are always putting money in, in good times and bad, whether you remember to or not each month. And, if set up properly, the money is put in pre-tax so you can let it grow tax-free (or it can go in as after-tax money, and you can take it out with no taxes on the profits). As small business owners, there are even opportunities to put in more than employees in big companies can by setting up special IRA (Individual Retirement Accounts) that allow us to save a larger dollar amount tax-free.

There are many ways to save for retirement, and I won’t get into any kind of specific advice here, as I’m clearly not a financial advisor and definitely don’t want to get into any trouble with the SEC.But you should consult an advisor if you aren’t sure about what you need to do or what the best steps are for your particular situation. The most important thing is to not put it off until it is too late. The earlier you start in life, the better chance of having what you need at retirement.

I implore you all to have the retirement you’ve dreamed of and that you’ve earned. Don’t think it’s something you can do tomorrow while you build that addition on your home today.
 
+Todd Anthony Puma is president of The Source Home Theater Installation in New York City.
Todd Anthony Puma 


Your name:
Gravatar Preview
Your email:
(Optional) Email used only to show Gravatar.
Your website:
Title:
Comment:
Security Code
CAPTCHA image
Enter the code shown above in the box below
Add Comment   Cancel 

 

Archive
<July 2014>
SunMonTueWedThuFriSat
293012345
6789101112
13141516171819
20212223242526
272829303112
3456789
Monthly
July, 2014 (8)
June, 2014 (12)
May, 2014 (12)
April, 2014 (14)
March, 2014 (15)
February, 2014 (14)
January, 2014 (24)
December, 2013 (11)
November, 2013 (12)
October, 2013 (15)
September, 2013 (19)
August, 2013 (18)
July, 2013 (19)
June, 2013 (12)
May, 2013 (18)
April, 2013 (17)
March, 2013 (13)
February, 2013 (16)
January, 2013 (26)
December, 2012 (9)
November, 2012 (11)
October, 2012 (16)
September, 2012 (11)
August, 2012 (15)
July, 2012 (13)
June, 2012 (8)
May, 2012 (9)
April, 2012 (10)
March, 2012 (7)
February, 2012 (11)
January, 2012 (14)
December, 2011 (5)
November, 2011 (12)
October, 2011 (8)
September, 2011 (4)
August, 2011 (7)
July, 2011 (11)
June, 2011 (12)
May, 2011 (8)
April, 2011 (6)
March, 2011 (9)
February, 2011 (10)
January, 2011 (9)
December, 2010 (4)
November, 2010 (7)
October, 2010 (4)
September, 2010 (9)
August, 2010 (7)
July, 2010 (8)
June, 2010 (12)
May, 2010 (6)
April, 2010 (8)
March, 2010 (10)
February, 2010 (11)
January, 2010 (1)
December, 2009 (6)
November, 2009 (6)
October, 2009 (11)
September, 2009 (6)
August, 2009 (4)
July, 2009 (4)
June, 2009 (5)
May, 2009 (7)
April, 2009 (9)
March, 2009 (7)
February, 2009 (9)
January, 2009 (8)
December, 2008 (9)
November, 2008 (6)
October, 2008 (7)
September, 2008 (7)
August, 2008 (3)
July, 2008 (5)
May, 2008 (1)
April, 2008 (4)
March, 2008 (3)
February, 2008 (5)
January, 2008 (2)
November, 2007 (1)
October, 2007 (4)
September, 2007 (2)
August, 2007 (3)
July, 2007 (4)
June, 2007 (6)
May, 2007 (6)
April, 2007 (4)
March, 2007 (4)

 

Skip Navigation Links.
Skip Navigation Links.
download

What I’ve Learned After Six Months of Owning My Company
Read More»
By Heather L. Sidorowicz

A CEDIA EXPO Game Plan for the Middle Market
Read More»
By Todd Anthony Puma

Looking at Your Billing Process Through the Client’s Eyes
Read More»
By John Sciacca

This Engineer Favors High-Resolution Audio Over Analog, and So Should You
Read More»
By Lindsey M. Adler

How to Handle AV System Failure and Client Expectations
Read More»
By Heather L. Sidorowicz


CEDIA Awards Ceremony 2012
Wisdom Audio Factory Tour
Unexpected Atlanta
Triad DesignerSeries Step-by-Step Install
Top 10 Things to See at CEDIA 2010

+ All Slide Shows
Which include rs 07 gold cheap GE's Durathon
Read More»
Re: Rs3gold supplies various payment methods with 8% off runescape 3 gold in rs3gold.com
Read More»
Rs3gold supplies various payment methods with 8% off runescape 3 gold in rs3gold.com
Read More»
avoid players are cheated with 8% off runescape 3 gold in rs3gold.com
Read More»
Re: Would a DTV Delay Matter to You?
Read More»
Re: Was Utz Baldwin the right choice for CEDIA CEO?
Read More»
Re: Was CES time well spent?
Read More»
Re: Are you working with iPhone Apps?
Read More»
Re: Are you working with iPhone Apps?
Read More»
Re: Was CES time well spent?
Read More»